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30.62 -0.74 (-2.36%)

Bid:

30.28

Ask:

30.62

Spread: 0.34 (1.123%)

Market Cap: £485.89m

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THG expects higher first half profit

Wed, 21st Jun 2023 07:41

LONDON, June 21 (Reuters) - THG, the online retail platform, on Wednesday forecast a significant increase in first half profit and maintained its guidance for the full year.

The British company, which owns beauty and nutrition e-commerce sites as well as an online platform serving third-party brands, said its second quarter had been strong.

It forecast first-half adjusted core earnings in the range of 44 million pounds to 47 million pounds ($56-$60 million), up from 32.3 million pounds in the same period last year.

THG, which last month ended takeover talks with Apollo Global Management, said its guidance for the full year was unchanged, with adjusted core earnings expected to be in line with analysts' average forecast of 118.5 million pounds. ($1 = 0.7831 pounds) (Reporting by James Davey; editing by Sarah Young)